79-6150RGl
RESOLUTION N0. 6150 '
RESOLUTION APPROVING ADDITIONAL COLLATERAL
FOR THE SUMMIT STATE BANK, A DEPOSITORY OF
FUNDS OF THE CITY OF RICHFIELD
WHEREAS, on January 8, 1979, Resolution No. 6027 designated The Summit
State Bank a depository of funds of the City of Richfield in the amount of
$1,600,000 and deposited for safekeeping at The Marquette National Bank of
Minneapolis and The Federal Reserve Bank; and
WHEREAS, on March 20, 1979, $300,000 in U. S. Treasury Notes due
6/30/82 were released from safekeeping; and
WHEREAS, on September 20, 1979, an additional collateral of $449,653.76
in securities was deposited for safekeeping at The Marquette National Bank;
and
WHEREAS, such additional collateral consists of the following securities:
100M Federal Farm Credit Banks 10.10% due 2/4/80
$99,653.76 GNMA Pool 30997MH Type A 8.75% due 7/15/91
75M Rosemount MN ISD 196 5.10% due 1/1/89
50M Suffolk Co NY GO 6.20% due 3/1/90
100M Chicago I11 Bd of Educ 5% due 12/1/90
25M St Paul MLV GO 6.5% due 10/1/O1
NOW, THEREFORE, BE IT RESOLVED, that collateral in the amount of
$1,749,653.76 deposited for safekeeping at The Marquette National Bank of
Minneapolis and The Federal Reserve Bank, is hereby approved.
BE IT FURTHER RESOLVED, by the City of Richfield that the City Manager
is authorized- to sign the custodianship receipts.
Passed by the City Council of the City of Richfield, Minnesota, this
9th day of October, 1979.
L. Law
ATTEST:
S is K. Bergh Acting Ci Clerk